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USDINR

Observations

USDINR trading range for the day is 83.19-83.53.

Rupee fell as a slight recovery in the U.S. dollar and strong dollar demand from local companies blunted positive cues.

IMF forecasted a 7 % Indian growth for the ongoing financial year.

The Reserve Bank of India will deliver its policy decision later on Friday when it is widely expected to hold rates steady

SELL USDINR DEC @ 83.5 SL 83.65 TGT 83.35-83.2

EURINR

Observations

EURINR trading range for the day is 90.45-90.97.

Euro dropped as market bets on interest rate cuts ramped up following comments from European and U.S. policymakers last week.

Euro zone investor mood improves but upswing elusive – survey

The trade surplus in Germany increased to EUR 17.8 billion in October 2023 from a marginally revised EUR 16.7 billion in the previous month

SELL EURINR DEC @ 90.9 SL 91.15 TGT 90.6-90.4.

GBPINR

Observations

GBPINR trading range for the day is 105.43-105.87.

GBP gains amidst growing expectations that the Bank of England would implement its first rate cut by June

British house prices rose unexpectedly in monthly terms for the third time running in November

BoE's policymaker Megan Greene said UK rates might have to stay high for an extended period

SELL GBPINR DEC @ 105.7 SL 106 TGT 105.4-105.2.

JPYINR

Observations

JPYINR trading range for the day is 56.8-57.3.

JPY rose amid growing expectations that the US Federal Reserve is done with its current monetary tightening cycle

BOJ’s Noguchi said that Japan has yet to achieve price growth driven by higher wages with the recent cost-push driven rise in inflation

The au Jibun Bank Japan Manufacturing PMI was revised higher to 48.3 in November 2023

SELL JPYINR DEC @ 57.15 SL 57.35 TGT 56.95-56.8.